Put everything together, and in rational choice terms, Clinton should have had an advantage in the left-right dimension and the valence dimension. And yet she lost.
Obvious observations here include the common misperception that she was more dishonest than Trump, but I'll tackle a different problem today since I've already tackled that one.
If I wanted to, could I rig a mathematical model in which it is rational for the electorate to pick Trump given their valence traits and policy positions?
Of course I could! That's what I do!
How would I do it? Like this. Notice that I've been talking about policy in left-right terms, as though all policy can be reduced to one dimension. Can it? Nope. Notice, for example, that Bernie Sanders and Donald Trump sound a lot alike on trade. Why? To quote Forrest Gump, stupid is as stupid does. Anyway, trade policy doesn't line up as a left-right issue. There are free-trade lefties and protectionist righties. There are free-trade righties and protectionist lefties. Not everything is left-right.
If you let me add enough dimensions to the model, I can make anything look rational.
Is it rational to vote for an incompetent, unqualified pathological liar who will rubber-stamp bills from someone who disagrees with you on every other policy because you heard TPP is bad, and you don't even know what TPP stands for? Um, that's a separate question, but an important one.
If I rig a model to make it look like voting for Trump was rational even though he is an incompetent liar who will govern as an extremist, compared to a more competent, less dishonest person who would have governed in a less extreme manner, I'm not explaining what happened. I'm just doing something mathematical that requires washing my hands afterwards.
What did happen? Democrats had won two terms in a row. A third term is really hard. It requires not just a growing economy, but a booming economy. The economy was growing, but not booming. The economy wasn't good enough. Alan Abramowitz's "Time for a Change" model predicted a Republican victory, and Republicans won. We need to figure out what it means that Abramowitz canceled out all of this other important stuff. More to come on that!